Investment Team

Carey Callaghan

Carey Callaghan is Chief Investment
Officer at American Trust Investment Advisors, LLC. He was previously with Goldman
Sachs for eleven years and Lehman Brothers for eight years. He graduated from
Dartmouth College in 1983 with a major in economics and environmental studies
and received an M.B.A. in 1988 from Columbia. He served as both a research
analyst and Research Director while on Wall Street, and covered numerous
industries. He has been recognized as among the top analysts by Institutional Investor in several
categories* in both the US and Latin America.

Information posted on the Allegiance Fund website and the offer to purchase shares is restricted to persons residing in certain jurisdictions; the material being made available is only for persons residing in the United States. The fund does not intend to market or distribute their shares in any country other than the United States.

To obtain a hard copy of the prospectus please call 800-385-7003. The prospectus should be read and considered carefully before investing.

Investments in mutual funds are: Not Insured/Not Guaranteed by any financial institution and are subject to market risk.

The investment advisor is American Trust Investment Advisors, LLC.

The American Trust Allegiance Fund is distributed by Quasar Distributors, LLC.

Mutual fund investing involves risk. Principal loss is possible. The Fund may invest in small and medium-capitalization companies which tend to have limited liquidity and greater price volatility than larger-capitalization companies. The Fund's social policy may cause it to make or avoid investments for social reasons when it is otherwise disadvantageous to do so. The Fund may invest in foreign and emerging market securities which will involve greater volatility and political, economic and currency risks and differences in accounting methods. The risks are particularly significant for funds that invest in emerging markets. The fund may makes short sales of securities, which involves the risk that losses may exceed the original amount invested.

Investments in Real Estate Investment Trusts (REITs) will be subject to the risks associated with the direct ownership of real estate and annual compliance with tax rules applicable to REITs. Risks commonly associated with the direct ownership of real estate include fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. In addition, REITs have their own expenses, and the Fund will bear a proportionate share of those expenses.